My husband and I decided to try a new thing with our finances to see if it works. Instead of joint finances, we are going to somewhat separate them. By that, I mean we will still have the joint checking account but we will each have our own savings account.
Both savings accounts are linked to the checking account, so it’s more of a mentality separation, not an actually banking one. It makes it easier to transfer money back and forth in case of emergency funds are needed. It also will make it easier should this experiment turn out to not work for us.
As my dear man makes more than I do, we decided he would pay a higher percentage of the joint bills. We based this on the percentage of how much more he makes than I do. Whatever is left over from our pay checks is ours to do with what we want.
To deal with the existing credit card bill, we are going to pay what we spend from the current statement, plus we have an additional set amount that will go toward the outstanding balance. Our goal is to get it paid off by the end of summer.
This will be interesting from more than one point of view. I have always considered myself the saver of the two. This experiment is either going to prove me right or prove me wrong.
As I have always been the keeper of finances in our relationship, another interest is to see if hubby pays more attention to the spending. He will want to keep more of an eye on it if he knows it means keeping more of his money.
As we both have the same financial goals, I doubt if we will always keep all of the money in our savings account. He got a bit of a bonus and put most of it on the outstanding credit card bill. A very generous gesture as he knows I can’t do the same.
We haven’t yet determined how long we will keep this experiment going. Right now, we are going to take it month by month and see what results. I’ll keep you posted.
How do you and you significant other handle your finances? Is it working for you or would you like to change it? If so, why?